We filed a FINRA arbitration on behalf of a 63 year-old New York investor who is a brokerage customer of Wells Fargo Advisors LLC. The Statement of Claim alleges that the investor was retired and living off of the income from his bond portfolio. He alleges he was advised to purchase Puerto Rican municipal bonds over the past several years which were described as conservative investments, but never warned about the serious credit risk or economic risk associated with these investments. He also alleges that he was never warned when, in 2012 and 2013, the risks of the Puerto Rican bonds dramatically increased due to credit downgrades. In total, the investor seeks to recover losses suffered of $150,000 from unsuitable and excessively risky Puerto Rican bond investments.
Our law firm specializes in recovering investor losses through FINRA arbitration for losses in unsuitable and risky Puerto Rican bonds. Any investor who has suffered a loss in Puerto Rican bonds should contact us to have their situation reviewed for potential unsuitability and excess risk, as we may be able to help recover losses suffered in these investments.